2023’s Best Home Insurance Companies: Full Reviews

Nationwide Insurance

Nationwide Insurance vaulted past the competitors to the first place on our list.

This Fortune 100 company is amongst the country’s largest home, auto, and life insurance providers.

As veterans in the industry – they have been around since 1925 and changed the name from Bureau Mutual to Nationwide in 1955 – they have the experience and offers for every situation.

The varied and high-quality homeowners policies are not the only reason they occupied the throne. Competitive prices for every budget and high customer satisfaction also contributed to their status.

Speaking of their home insurance coverages, the basic offer includes several parts. It protects your home’s structure and all the built-in appliances and contents (such as clothing and furniture). Additional structures that are detached from your home are also included in their policy.

What is more, it pays personal liability expenses and medical payments to others, as well as the loss of use coverage that kicks in when your home is uninhabitable due to a covered peril.

Their basic homeowners insurance offer also includes an ordinance coverage that helps rebuild your home to the current state per a building code standard.

Besides protecting your home, their basic credit card coverage ensures that the damage from any unauthorized transactions on your insured credit cards is prevented.

Next, you can get three additional policies from Nationwide:

• Brand New Belongings® – protects the stuff in your home if it gets damaged or stolen,
• Better Roof Replacement® – enables you to have your roof rebuilt with even stronger and safer materials so that the damage does not occur again,
• Valuables Plus® – an add-on to contents coverage that has a higher limit and protects your high-value belongings (e.g., antiques, jewelry, fine art, etc.).

Nationwide gives you many ways to personalize your home insurance with optional coverage:

• Identity theft – very useful, considering the rates of cybercrime,
• Water backup – pays out for sump pump overflows and drain and sewer backups,
• Replacement cost plus – additional 20% of your dwelling coverage limit that you can claim if your home has to be rebuilt,
• Earthquake and flood insurance are separate policies with their own deductibles that you should consider if you live in high-risk areas. The National Flood Insurance Program provides the latter.

If you are not a homeowner and live in a rented apartment or a building, it does not mean that you don’t need insurance to protect yourself and your items. Nationwide also offers renters insurance and condo insurance that protects you against natural disasters and theft.

Finally, Nationwide is well-known for its bundle policies that get you huge discounts with competitive rates for both policies. They offer quality auto, life, and pet insurance and home coverage. It’s worth going for multi-policy offers if you are interested, especially with such a reliable company.

Safeco Insurance

Safeco Insurance, a Liberty Mutual company, is another best-performing home insurer in the U.S.

It has been protecting its customers against unexpected circumstances since 1923. Since 2008, they have been backed by Liberty Mutual Insurance, featured on the Fortune 100 list.

They have a plethora of coverage options, and we can help tailor your policy to fit your budget and needs.

To understand what you can get with Safeco Insurance, read more about their standard and optional coverages below.

Safeco offers three standard policy coverages:

• Dwelling (the damage to your home)
• Personal property (the damage to your personal possessions)
• Personal liability (financial support if someone claims you).

As for the optional home coverage you can get with this company, there is:

• Valuable Articles Coverage

It protects your items of the highest value, such as collectibles, jewelry, fine art, and more. The regular personal property coverage will not account for these, so make sure to notify an Insurance Geek about your valuable possessions, and we’ll steer you in the right direction.

• Equipment Breakdown Coverage

This option can come in handy for mechanical or electrical breakdowns that may cause damage to your household equipment, computer systems, refrigerators, boiler systems, etc. It is particularly useful when they are not covered under a home warranty. Plus, Safeco’s Equipment Breakdown Coverage is billed at just $2 a month – cheaper than a cup of coffee!

• Guaranteed Repair Network

If you use Safeco’s Guaranteed Repair Network, they connect you with experts who can perform timely and professional repairs. They have partnered with American Home Shield (AHS) for a quality service of all kinds. Plus, they offer a warranty on roofing replacement and repairs of up to 5 years.

• Service Line

Service Line is a package that enables a single deductible when a loss covered by one’s Safeco home insurance policy occurs. Once that particular home deductible is paid, deductibles for other policies are not required. Remember that Service Line is not available in all U.S. states, so contact one of our agents if you want to purchase it, and s/he will tell you if your location is eligible for it!

• Extended Dwelling Coverage

Say that the cost of your home reconstruction increased after you had already set the limit on your dwelling coverage. In this event, extended dwelling coverage can pay the extra cost over the previously set limit.

• Identity Recovery Coverage

Often overlooked, identity theft can be a very stressful and costly event. Safeco offers optional identity recovery coverage that is wholeheartedly recommended because it goes for just $1 monthly.

You can file a claim online on the Safeco website and manage your claims remotely.

What else can you get from Safeco?

They offer home, auto, motorcycle, RV, and watercraft coverage, as well as pet health insurance. And again, if you choose to get more than one type of coverage, you can obtain generous discounts.

Lemonade Insurance

Lemonade is an insurance company that uses technology to make buying and managing insurance policies more efficient and user-friendly. Some benefits of Lemonade include:

1. Quick and easy policy purchase: Lemonade’s online platform allows customers to quickly and easily purchase insurance policies with minimal paperwork.
2. Transparent pricing: Lemonade’s transparent pricing structure allows customers to see exactly what they are paying for and how their premium is calculated.
3. Instant claims processing: Lemonade uses artificial intelligence to process claims instantly, meaning customers can receive payouts in as few minutes.
4. Giving back: Lemonade has a unique business model that donates any unclaimed premiums to charitable causes.
5. Digital Convenience: Lemonade is a fully digital platform which means the customer can access their policy, claims, and customer service through the mobile app or website.
6. Access to personalized coverage options: Lemonade offers a range of coverage options tailored to customers’ specific needs.
7. Flexibility: Lemonade policies can be canceled or modified anytime, allowing customers to adapt their coverage as their needs change.
8. Fast customer service: Lemonade offers 24/7 customer service through the mobile app or website and aims to respond to customer inquiries quickly.

Branch Insurance

Branch Insurance is an insurtech company that uses technology to make the process of buying and managing insurance policies more efficient and user-friendly. Some benefits of Branch Insurance include:

1. Convenience: Branch Insurance allows customers to purchase insurance policies online and manage their coverage through a mobile app, making the process more convenient for customers.
2. Personalized coverage: Branch Insurance offers a range of coverage options tailored to customers’ specific needs, allowing customers to choose the coverage that best suits their needs.
3. Transparent pricing: Branch Insurance’s pricing structure allows customers to see exactly what they are paying for and how their premium is calculated.
4. Fast and easy claims process: Branch Insurance’s claims process is designed to be fast and easy, allowing customers to receive payouts quickly.
5. Flexibility: Branch Insurance policies can be canceled or modified at any time, allowing customers to adapt their coverage as their needs change.
6. Bundled coverage: Branch Insurance offers bundled coverage options that combine several different types of coverage into one policy.
7. Access to expert advice: Branch Insurance offers access to expert advice and support to help customers understand their coverage options and make informed decisions.
8. Digital Convenience: Branch Insurance is a fully digital platform which means the customer can access their policy, claims, and customer service through the mobile app or website.

Chubb Insurance

Chubb is a globally recognized insurance company that operates in more than 50 countries and has 44 branch locations in the U.S. Chubb Limited – its parent company – has a seat on the New York Stock Exchange.

As you can probably already tell, they are huge, and so is their offer.

Besides the standard home insurance coverages, like dwelling, separate structures, personal belongings, and more (you can always check our guide below if you aren’t sure what these terms entail), Chubb has other kinds of policies you can get.

For instance, their Extended Replacement Cost pays for the rebuild or repair cost even if it exceeds the limit, similar to extended dwelling coverage other insurance companies offer.

Their Replacement Cost Coverage covers your belongings that may get damaged or stolen.

Oh, and if you are interested in their “Temporary Living Arrangements” policy, it’s just a name Chubb uses for the loss of use coverage. So, it reimburses the expenses that may occur when you cannot live in your home due to a covered peril, and you need a temporary residence, etc.

Chubb’s Valuable Articles policy protects your valuable belongings:

• Jewelry
• Arts
• Wine & Spirits
• Collectibles

The liability insurance products cover lawsuits and other expenses if you are found liable for an accident. It reimburses the courtroom costs you may incur. You can get a Personal Umbrella policy for excess liability protection, a Group policy to protect you and your family, or even the Employment Practices Liability in case you employ staff in your home (for instance, housekeepers, nannies, and so on).

There’s also this part of their offer that they call “The Extras.” They come in handy in various unexpected situations, from a lock replacement to electronic data restoration.

Speaking of electronic data, Chubb goes one step further. They offer three policies to protect you from cybercrimes:

• Cyber Insurance that pays out in the event of a cyberattack (credit card charges or money that you lost due to a ransomware attack)
• Identity Management (in addition to the financial support after identity theft, Chubb can assist you with all the documentation needed to resolve your case)
• Cyberbullying (particularly useful for parents with teenagers)

Of course, apart from homeowners policies, Chubb has more to offer. You can get auto, travel, boat & yacht, and life insurance from them.

Cincinnati Insurance

Established in 1951, Cincinnati Insurance has been another reputable insurance provider for 70 years. Its A.M. rating has remained A or above for the last 50 years.

However, we didn’t put them on this top list just because of their glory. Their service is at a high level with a slew of options if you want much-needed flexibility to customize your home insurance.

That said, the company has comprehensive home insurance options. Their “Rental Property” includes three parts of the prototypical policy – dwelling, personal property items, and loss of use coverage that they call “Fair Rental Value.”

To be eligible for specific add-ons, you must join Cincinnati’s Executive Classic™ program, which is more oriented toward tailored policies.

For Cincinnati’s enhanced home coverage, you can add liability and medical payments coverage that kick in if an individual is injured on your insured property.

Optional add-ons also include Guaranteed Replacement Cost coverage that exceeds the limits of your policy. Thus, if the cost to rebuild your home surpasses the limits, the Guaranteed Replacement Cost will pay up to 25% above the dwelling coverage option.

Next, they offer a policy endorsement for sewer and drain backup damage and identity theft protection.

Cincinnati is also famous for its “Capstone endorsements”:

• Capstone Auto Endorsement, which is auto insurance,
• Capstone Personal Articles Coverage for your most valuable items (they provide an appraisal for you),
• Employment Practices Liability Coverage if an individual is employed in your home (up to five employees),
• Preferred Primary Flood coverage is an alternative to a National Flood Insurance Plan that covers detached structures and helps you rebuild them after a loss.

Cincinnati’s Executive Homeowner Plus Endorsement is another way to get more coverage. It includes things like:

• Trees, plants, and shrubs that may get damaged due to an insured loss,
• Removal of debris that occurred as a result of snow, ice, wind, or hail damage,
• Unauthorized use of your credit cards,
• Damage due to a power failure, etc.

Their Limited Water Damage Coverage maxes out to $100,000 of loss caused by water that overflows or materials that back up through sewers or drains.

Apart from these, you can get Personal Cyber Protection for online fraud and cyber attacks, as well as various auto and life policies.

Openly Insurance

Unlike all the other picks on our list, Openly Insurance is a newcomer in the industry, as it was founded in 2017.

As such, this company may be considered an underdog, but it quickly rose to the top with its quality services.

Their motto is simplicity. They summed it up nicely in their slogan – “beautifully simple insurance.” And while this is a valid point – there’s no need for unnecessary complications – is it maybe too simple for customers who want more than just a regular homeowners policy?

Well, not really. Openly Insurance allows you to personalize your policies with a diverse range of coverage and goes above and beyond with the options.

Their modus operandi is starting with a base ISO contract – this will be either HO3 or HO5 coverage form. An HO5 is an ALL peril policy (again, refer to our guide below for the terminology), offering broader coverage than an HO3.

And then, Openly allows you to add coverage features and endorsements to your basic form.

One of the additional coverage features includes Guaranteed Replacement Coverage when the cost surpasses the dwelling coverage limits. This is also available for some non-building structures in Coverage B.

Next, you can add Personal Injury Coverage for Coverage E (liability insurance) and set a $10,000 limit on Medical Payments coverage (Coverage F). Further enhancements include the Roof Repair Matching Coverage and increased limits for debris removal and plant, tree, and shrub replacement.

The optional endorsements that this company offers are also varied:

• Coverage of water backup,
• Earthquake coverage and loss assessment,
• Buried Utility Coverage (protects a covered underground utility line against break and rupture),
• Equipment Breakdown (power surges and mechanical breakdowns),
• Personal Cyber Coverage,
• Home Under Construction Coverage (this is useful, as your home is also subject to risks while it is under construction).

Please note that this is not an extensive list and that you should contact an independent agent to learn more about all the options you can get with Openly Insurance.

Hippo Insurance

Founded in 2015, Hippo Insurance is a US-based insurance company that has built its reputation on innovative homeowners solutions.

They strive to keep up with the rapidly changing industry of homeowners insurance so their customers – Hippos, as they call them – can choose from a vast array of modern insurance products.

Their standard homeownes policy includes top-notch basic coverage on your dwelling property, personal property belongings, and personal liability.

But what stands out about their homeowners coverage are the benefits from the Hippo Smart assortment that their policyholders get to enjoy:

• Computers + Home Office, which offers a 4x higher coverage limit on your valuable computer hardware and other equipment in your home office
• Appliances + Electronics, which has a more substantial coverage limit on all of your devices that use electric power (think: HVAC, TVs, kitchen appliances, water heaters, washers, etc.)
• House Cleaners + Sitters includes enhanced coverage for babysitters and horse cleaners, which often get overlooked
• Smart Home Upgrade Kit is available at no cost for policyholders, and you can obtain a discount on your premium once you activate it.

On top of that, you can get additional protection, such as:

• Water Backup Coverage that kicks in in case of a sump pump failure, sewer and drain backup, and overflow
• Enhanced Rebuilding Coverage, which allows you to get a 25% higher limit for rebuilding materials in the event of surge pricing
• Local Ordinance Changes that also protect you against increased costs, but this time around, due to the ordinance and law changes.
• Full Replacement Costs that means you can get reimbursed for the cost of your item as it is today and not on its depreciated value that comes with wear and tear
• Service Line Coverage, protection against unexpected damage of service lines, such as water and sewer pipes and cable lines

Another good thing is that Hippo Insurance offers prompt and accurate quotes. We can generate instant quotes for you because they are very responsive.

In addition to excellent customer service, they offer the policyholders free professional guidance called Hippo Home Care.

Their experts can assist you with home maintenance, including but not limited to your HVAC system, drains and pipes, and electrical appliances.

How to Choose the Best Homeowners Insurance Company for You?

The market is crowded with home insurance companies.

In this article, we have selected the best homeowners insurance companies of 2021 based on our (and our customers’) experience.

But: the right home insurance company for you might not be the right home insurance company for someone else. To make the best choice and protect your home adequately, you need to get informed about the policies.

In short, you need to get the best homeowners insurance policy and choose the company that will provide it.

Tip #1 – Consult With An Insurance Geek

Shopping for home insurance can get overwhelming. More terms and options appear when you think you’ve learned all the information you need before you start.

But worry not – there is a hassle-free solution. Through licensed insurance agents, you’ll find the best options for homeowner insurance policies, and they will provide you with any information that you may need.

They will help you select the best homeowners insurance for you after they assess your situation and needs. And that’s the key: getting TAILORED recommendations for your particular case.

Here at Insurance Geek, we track the best homeowners insurance companies of 2021 and make sure to work with them. Our carriers provide only the best conditions and the most affordable insurance rates.

Of course, in addition to getting acquainted with your coverage options and quotes, we can decipher any home insurance term you may come across.

We won’t settle for less than 100% customer satisfaction!

Tip #2 – Learn the Basic Terms

As homeowners insurance buyers, it’s vital to understand which coverage you need and some basic information about home insurance policies.

There are two ways to go about learning these terms:

• Read a reliable guide to a homeowners policy, like the one we’ve prepared for you below, or our more comprehensive guide on the coverage you need
• Ask our agents to explain any terms that remained unclear or that you require more information about. We’ll gladly clarify anything that might seem ambiguous or difficult to understand! Also, we’ll do that for you if you need a helping hand in re-assessing your existing policy.

Tip #3 – Assess Your Budget

The cost of home insurance and insurance rates are among the most important factors when buying any policy, be it home or auto insurance.

You need to know your budget needs and financial situation and realistically decide on the premium you can afford.

Then, licensed agents will help you find an insurance company that offers what you need without going over your budget and compromising service quality.

Tip #4 – Get Reliable Home Insurance Quotes

It might seem simple – you have determined what kind of home insurance policy (or auto insurance) you want to get, and you have maybe even found an insurance company that offers what you’d like. But the truth is, this is the most difficult step.

You need to compare quotes to get the actual price of your insurance and learn how much a homeowners insurance company would charge you, and it’s near to impossible to learn that information without knowing where to look.

On our website, you’ll find a tool that you can use to easily get home insurance quotes from the most reliable insurance companies. The best part is that these are real-time quotes because we contact the insurance company directly, and then they provide you with the offers.

All Insurance Geek asks you to do is give us some basic data, such as your address. And you only need to fill in the form once!

How Did We Choose?

If you are interested in our process of choosing the best companies, we perform a rigorous gauntlet of tests that focus on:

Quality

This criterion is very similar to deciding which carriers we are interested in working with:

We are looking ONLY for top-notch quality and companies that offer excellent services and have built their reputation in the industry.

Insurance Products

It’s essential for us that an insurance company offers a great variety of products.

If they offer bundling, aka life and auto insurance in addition to home insurance, as well as multiple endorsement options in addition to the standard policies, it’s a huge bonus.

Of course, we primarily settle for the value of these products and how it compares to the price tag.

Customer Service

Customer satisfaction is our paramount goal at Insurance Geek, so we are adamant that it must be the same for the best companies. They need to have first-class customer service to make it to our list.

So, whenever we notice customer complaints regarding a certain company, we delve deeper into the matter. If it turns out that its customer service or products did not live up to the expectations, it is not considered anymore for our list or as a potential carrier.

Financial Strength A.M. Best Rating

A.M. Best rating is a financial strength rating assigned by the A.M. Best Company to insurance companies.

In short, it indicates the ability of an insurance company to pay claims and meet the financial obligations to its clients.

They perform analyses to assess the strength rating.

Generally, a positive financial strength rating ranges from A++ to B+. These are the so-called “secure ratings” that signal that an insurance company can pay commitments to its policyholders. All companies on our top 5 list are classified under this group.

There are also the “vulnerable” ratings, spanning 10 levels from B to S, and those companies are not included in our round-up.

Other ratings, such as the J.D. Power rating, also provide classifications for insurance companies. J.D. Power rating is a 100-point based scale, and it ranges from “among the best” (100-90) to “below average” (0-69).

For instance, one of our top picks, Nationwide, ranked the No. 1 insurance company based on customer satisfaction in the J.D. Power 2020 Study.

J.D. Power rating is usually considered for life and auto insurance, though, so it was not specified for each company on today’s list.

Things You Should Know Before You Get Homeowners Insurance

Now that you have all the necessary information on insurance companies, there are more things you should consider before you get your homeowners insurance.

Coverage Options

Be acquainted with the coverage options that you can get. In the widest sense, there are two types of homeowners policies: an ALL PERIL policy and a NAMED policy.

These policies are distinguished based on the PERILS they protect you against. A peril is basically anything that could pose a risk to your personal property.

The most common perils are:

• Fire
• Hail
• Wind
• Tornado
• Ice
• Theft
• Vandalism, etc.

ALL PERIL Policy

An ALL PERIL policy is more popular because it has a broader scope. It protects you against all perils unless a peril is specifically excluded from your policy.

This kind of policy is recommended and much more convenient because it saves you from any risks that may arise.

NAMED Policy

On the other hand, a named policy does not protect you from all the perils. You can file a claim ONLY if a peril is specifically stated in the named policy. So, you want to get these if you find a gap in your standard homeowners insurance policy.

If you aren’t sure what your existing policy (or a policy that you want to buy) includes, Insurance Geek can analyze it for you.

RCV Vs. ACV

If you see the terms “RCV” and “ACV,” know that they stand for “replacement cost coverage” and “actual cash value” coverage.

A replacement cost coverage policy refers to the value of your home as it is. In other words, this is the cost it would take to rebuild your house using the same materials. Therefore, your insured home would be rebuilt to its previous state.

On the flip side, the actual cash value is your home’s market value, including the price of land and other factors.

People are divided on whether you should base your policy on its actual cash value or get the replacement cost coverage, but it’s wiser to go with the latter and make sure you are properly insured.

Most Common Home Insurance Forms

Your homeowners insurance form encapsulates more than just the physical structure of your home.

Depending on the structure of your home insurance, you’ll get multiple coverage options. These will be stated on your policy declarations page.

Most home insurance policies consist of the following parts:

Coverage A – Dwelling Coverage

Dwelling coverage is what most people link to homeowners insurance – the portion of your policy that protects the actual home structure – the walls, floor, roofing, etc. It is usually determined based on the replacement cost of your home.

What does it mean?

The replacement cost is the amount that it would take to rebuild or repair your home to the same condition and using the same materials.

Coverage B – Separate Structures

Separate structures on your property – such as sheds, garages, gazebos, fences, and more – are also protected by your homeowners insurance policy.

Coverage C – Personal Property Items

If damage due to peril is caused to your personal property belongings (i.e., stuff you own – from furniture to appliances and clothes), your policy can reimburse the loss.

P.S. If you have high-value items you’d like to secure (e.g., valuable art, heirloom, or jewelry), make sure to tell that one of your agents. S/he will connect you with a company that offers a separate endorsement for high-value possessions.

Coverage D – Loss of Use

When your home is uninhabitable for a while (due to repairs or anything similar), loss of use coverage helps defray the additional living expenses that may arise, such as transportation, a place to stay, and higher bills.

Coverage E – Personal Liability

If you or family members are held liable for any injuries or damage caused to someone, you can use personal liability to refund the court and defense expenses.

Coverage F – Medical Payments

Your home insurance policy also protects you if you are found guilty for anyone injured on your property and pays out for their medical bills.

How to Determine Your Premium?

Homeowners insurance rates depend on an array of interrelated factors. Some of them are:

• Your credit score
• The state of your home (value, age, materials, exterior construction)
• Whether a file has been claimed before
• Location (some states have a higher premium, and it gets pricier with the extreme weather conditions)
• Replacement cost

Bear in mind there’s more to it, but these factors could give you a good insight into what to expect when determining your premium.

What about Car Insurance?

If you want to secure all of your assets, you should consider getting a car insurance policy and homeowners insurance.

Moreover, combining policies from the same company will give you discounts. And who doesn’t love those?